Government Programs for Home Buyers
Purchasing your first home can be incredibly exciting, whether you’re doing it on your own, with a new spouse, or with your family. At Real Trio in partnership with Mortgage Alliance (AKAL Mortgages), we have extensive experience of helping first-time home buyers with their Mortgage requirements. As this is one of the largest investments you will likely make, it is very important to be thorough and well-informed on the resources that are available to you.
There are a number government programs available to home buyers, including:
- First-time home buyers’ credit
- RRSP home buyers’ plan (HBP)
- 5% down payment program*
- HST new housing rebate
- Land transfer tax rebates
*New Down Payment Rules as of February 2016:
5% down payment is available for homes up to $500,000 purchase price.
Homebuyers will have to put 10% “on the portion” of the price over $500,000.
For example: On a purchase price of $700,000, minimum down payment will be calculated as below:
5% on the first $500,000 = $25,000
10% on the next $200,000 = $10,000
A total of $25,000 + $10,000 = $35,000
We truly want to help you achieve your dream of homeownership by making the process as stress-free as possible. Call us today at +1 647 332 4846 to speak with a professional from our team.
Put your home equity to work for you…
You have worked hard to build the equity in your home and now might be the time to get the equity, working for you. You may qualify to up to 95%* value of your home (Normally 80%) – One of your biggest assets in life.
The majority of home owners refinancing a mortgage are looking to accomplish one of the following:
- Consolidate Debt (credit cards/loans),
- Taking advantage of lower interest rates, or
- Access funds for other important projects, such as:
a) Home renovations investment/rental property,
b) Buy an investment/rental property,
c) Planning for your children’s future education, or
d) Dreaming about great vacation.
Why you’re thinking about “Refinancing Your Mortgage”?
A mortgage refinance maybe your best option to accomplish any of the above stated reasons. Working with a top producing Mortgage Professional will provide you with Choice, Convenience and great Counsel so you can select the best solution for your needs.
We work with many lenders to get you the best rate, best term and the features you want so you can use the equity in your home. It’s just one way we can get your mortgage working for you!
Speeding Up the Home Buying Process
By obtaining a pre-approval, you can significantly speed up the process of securing a mortgage loan. When you get pre-approved for a loan, you have a lender review your income and credit information in advance and then provide a written statement that shows how much you would be eligible to borrow.
The pre-approval process only takes about 24 to 48 hours, assuming that you have the appropriate proof of income and other required documents readily available.
There are many benefits obtaining a mortgage pre-approval, including the following:
- Boosted credibility with the seller: The seller will see that you can truly afford the property and that you are serious about making the purchase.
- Greater flexibility for taking action: With your finances already evaluated, you are able to take immediate action when you find the home you want to purchase. By getting pre-approved, you already have the ball rolling.
- An advantage over other buyers: If you are up against other prospective home buyers who have not been prequalified for a loan, then your pre-approval may just what you need to gain the upper hand.
Are you ready to get the pre-approval process started? If so, call us today at +1 647 332 4846 so we can walk you through each step from start to finish. We offer free evaluations!
Increasing Cash Flow Through Lower Payments
It is easy for debt to pile up and become unmanageable, especially when you have debt from numerous lenders with varying interest rates. You may be faced with the overwhelming task of balancing your credit card bills, auto loan payments, mortgage loan payments, and more.
If you are in this situation, you should consider debt consolidation, which allows you to combine your high-interest debts so that you only have to make one monthly payment under a lower interest rate. Furthermore, you can reduce your monthly payment amount by extending your repayment period. This is usually done by using your home equity as collateral. We can help you explore your options for debt consolidation.
Here are the key benefits of debt consolidation:
- Lower monthly payments resulting in increased cash flow
- Less money paid in interest due to lower interest rates
- Convenience of making just one payment each month (easier to manage your finances)
After working so hard to build up equity in your home, you might as well use it when you need it most! Let us help you get your debt consolidated so that you can get back on track again with your finances. For a free evaluation, call us at +1 647 332 4846.
Renew Your Mortgage
Many homeowners do not give much thought to the mortgage renewal process. The typical homeowner receives a letter in the mail that invites the individual to renew his or her existing mortgage at a slightly discounted rate over their “posted rates.” Without first weighing his or her options, the homeowner signs the letter and mails it back, therefore accepting the new mortgage terms.
Unfortunately, many homeowners end up losing thousands of dollars by simply accepting their mortgage lenders’ renewals with no questions asked. According to the findings of a study by Bank of Canada, loyalty doesn’t exactly pay off for bank customers. The study found that the best deal tends to come when the borrower switches mortgage lenders or when he or she is a first-time buyer, not when the individual signs a mortgage renewal. This is why it is so important to shop around before you make your decision!
How we Can Help
At Real Trio in partnership with Mortgage Alliance (AKAL Mortgages), we believe that you should not just renew your mortgage loan—you should renegotiate it! We have connections with numerous lenders and can help you assess your options and determine which one will provide you with the best loan terms.
We can help you compare factors such as:
- Interest rates
- Lender fees
- Annual percentage rates (APRs)
- Monthly payments
Make sure you talk to us before signing that mortgage renewal form. We are committed to helping our customers save money on their mortgages. Give us a call at +1 647 332 4846 and schedule a free evaluation!
We understand that self-employed individuals and business owners have unique circumstances when it comes to securing mortgage loans. Because of tax write-offs, their documented incomes tend to appear much lower than they actually are, which can create complications during the loan application and approval process.
Fortunately, we work with many lenders who understand that self-employed individuals are the backbone of Canada’s economy and need to be supported. The lenders we work with offer self-employed individuals fantastic mortgage options and are willing to accept reasonable estimates of these individuals’ annual incomes. They also provide fast approval and loan turnaround times.
If you are self-employed, call us for help securing:
- A mortgage loan
- A loan for home renovations
- Financing for your other personal needs
- Debt consolidation
Don’t buy into the myth that self-employed people can’t qualify for mortgage loans! Get a free evaluation by calling us today at +1 647 332 4846.
Are you having difficult qualifying for a traditional mortgage loan? Or are you on a short timeline and unable to wait around for the bank to make its final approval? If you are in either of these situations, you may be interested in a private mortgage loan. This type of financing is faster and much easier to quality for, as the private lender will base your approval mainly on the equity of your home (up to 90% of the home’s value) rather than your credit history or proof of income.
We can walk you through the process of obtaining a private mortgage.
A private mortgage may be the best solution for you if:
- You were already turned down by the bank for a traditional mortgage loan
- You struggle with poor credit
- You have income that cannot be verified
- You do not have time to wait for the approval process of a traditional loan
- You have unconventional mortgage needs (such as for residential or mixed-use properties)
Private mortgages are typically viewed as short-term solutions in the financing industry. These types of loans can provide you with the financial resources you need for a year or two, giving you time to become a stronger candidate for a regular mortgage loan.
For more information about private mortgages, call us at +1 647 332 4846
Experience prompt, efficient approval and hassle-free access to the capital you need when you choose a commercial real estate loan. At Real Trio in partnership with Mortgage Alliance (AKAL Mortgages), we specialize in giving businesses and investors like you the financial tools they need for continued success. Our commercial mortgage products are designed to make acquiring your commercial property as straightforward and simple as possible.
We know that each of our customers’ circumstances are unique, so we’ve designed a range of commercial mortgage loans to meet the needs of real estate investors, business owners, developers, and more.
Our commercial mortgage specialists will work hand-in-hand with you to craft an agreement that suits your project. Whether you’re a first-time real estate investor or a business looking to expand, we have a mortgage solution for you.
We facilitate the purchase of a wide variety of commercial properties including:
- Multi-Residential (5 Units+) Conventional and CMHC
- Storefront, Mixed-Use
- Retail Plaza (anchored and non-anchored)
- Medical and Professional Office
- Industrial (multi –tenant, owner occupied)
- Retirement and long-term care facilities
- Construction (residential, retail, office etc.)
- Condo Inventory
- Mini Storage and warehousing
- Mortgage Financing from $1,000,000
We assess the commercial property based on:
- Property value
- Size of deposit to be contributed by the mortgage applicant
- Maximum loan to value (LTV) ratio that the lender will sanction for the type of property
Don’t let opportunity pass you by. Make your next move with a commercial mortgage. Call us now for a professional consultation at: +1 647 332 4846.
Getting a Second Mortgage with Bad Credit
When compared to a regular loan, finding and getting a second mortgage can be daunting, especially if you have bad credit.
Second mortgages are a bit riskier & may come with higher fees and/or interest rates; hence before deciding to take out a bad credit second mortgage on your home, you should be aware of current rates, risks involved, and what lenders are looking for, and then determine how to make your second mortgage work.
What Is a Second Mortgage & Understanding the Risks
If you didn’t do so well with your first mortgage, you really should familiarize yourself with what a second mortgage is and what it means. This way you can determine the best way to make it work for you the second time around.
You can take out a second mortgage but you should understand that a second mortgage is secured against your home. So, if your home goes into foreclosure, any money that is made off the sale of your home will be applied to your first mortgage first. Since it’s unlikely that you will sell your home for double the price, it’s also unlikely that these proceeds will pay off your second mortgage, which explains the risks involved in this mortgage type.
What Lenders generally look for with Bad Credit Second Mortgages?
Have you experienced difficulties in paying your first mortgage? Don’t fear, a second mortgage can help you to turn things around and do it right the second time. Even with bad credit, it’s possible to get a second mortgage. It may be a little bit tricky, but it’s not impossible. You should know what lenders will be looking for, so that you are prepared when the time comes:
Your Income-to-Debt Ratio
When lenders are collecting and reviewing your information to determine whether they will lend to you for your second mortgage, one of the things they look really closely at is your income-to-debt ratio. Simply, this means that look at your total amount of debt and your total amount of income, and then compare the two. If you make more money than you pay out in debt, your chances of getting the loan will be greater.
Your home equity on your first mortgage can also help you out with a bad credit second mortgage. You can utilize up to 95% (with one of our lender) of your home equity (normally 80%) to get your second mortgage loan. Keep in mind that this will be less the outstanding amount owed on your first mortgage.
Since lenders want to be assured that you will have the ability to pay back the second mortgage, therefore they will also examine your work history. As long as you have an income that you and they can depend on, this will increase and/or improve your chances of getting the second loan.
Call us at +1 647 332 4846 today to make an appointment to get advice and information that you can trust.
Home Financing Program
We offer Islamic Home financing program in partnership with IJARACDC – www.ijaracdc.com
- 1 – 4 Units
- Owner Occupied – up to 25 year with 5% minimum down payment possible in some circumstance
- Investment – up to 25 years with 25-30 % down payment, may require proof of 6-12 months of reserves
- Loan Amounts – most investors are offering financing in the range of $100,000 – $2 Million
- 1-5 year terms only
- Private investor financing available
- 5 or more units is commercial
How It Works
IjaraTM Home Financing Program was created by a Board of Internationally recognized Shariah Scholars. The program complies with Islamic Finance Guidelines and is free of both types of Riba and also Gharar.
The program is called “Lease to Purchase” (Ijara wa Iqtina). The Lease to Purchase or Lease to Own contract blends many of the concepts used by traditional lending institutions. The architects of the Ijara Contract used here were guided by three basic principles:
- To create interest-free financing.
- To structure the Ijara Contract so it upholds the basic rights, duties, and obligations found in a traditional home mortgage and
- To retain the income tax deductibility benefits of the traditional home mortgage.
How the Program Works
The individual selects the property;
- Pays the required on-account payment (traditionally called down payment), which could be 5% to 20% or higher if the individual chooses to do so.
- An independent trust holds the title to the property.
- The house can be leased for 10, 15, 20 or 30 years, depending on the individual choice.
- The lessee pays monthly rent to the trust, also called on-account payments. The trust will pay real estate taxes and property taxes on behalf of the lessee and add these to the monthly rent. At the end of the lease period, the title is transferred to the lessee for a fee of $1.00.
- Should the personal situation for the lessee change and he or she has a need to sell the house, the trust is informed of this need and an arrangement is made to sell the house. If there is a profit, the lessee keeps 100% of the profit. If there is a loss, the lessee bears the first loss.
Even though the “Lease to Purchase” program was specifically designed to meet the religious obligations of Muslims, it is made available to all qualified people in Ontario, Canada that are interested in a Sharia Compliant Financing Product.
Please call us at +1 647 332 4846 for a free consultation & obtain further details.